Ring Energy (NYSEAMERICAN:REI) posted its quarterly earnings results on Tuesday. The company reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.03, Morningstar.com reports. The business had revenue of $32.69 million for the quarter, compared to analyst estimates of $30.83 million.
NYSEAMERICAN REI traded up $0.23 during trading hours on Wednesday, reaching $7.63. 56,468 shares of the company’s stock were exchanged, compared to its average volume of 731,034. Ring Energy has a one year low of $6.75 and a one year high of $17.35.
REI has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Ring Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. Ifs Securities restated an “outperform” rating on shares of Ring Energy in a research note on Monday, October 29th. Imperial Capital set a $15.00 target price on shares of Ring Energy and gave the company an “outperform” rating in a research note on Thursday, October 4th. Finally, Seaport Global Securities downgraded shares of Ring Energy from a “buy” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $12.00 in a research note on Tuesday, October 2nd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $17.89.
A number of large investors have recently added to or reduced their stakes in REI. JPMorgan Chase & Co. boosted its holdings in shares of Ring Energy by 903.2% in the 1st quarter. JPMorgan Chase & Co. now owns 148,292 shares of the company’s stock valued at $2,127,000 after buying an additional 133,510 shares during the last quarter. A.R.T. Advisors LLC bought a new stake in Ring Energy in the 1st quarter valued at $240,000. Cubist Systematic Strategies LLC bought a new stake in Ring Energy in the 1st quarter valued at $170,000. Legal & General Group Plc raised its stake in Ring Energy by 723.2% in the 1st quarter. Legal & General Group Plc now owns 100,260 shares of the company’s stock valued at $1,434,000 after acquiring an additional 88,080 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Ring Energy by 58.1% in the 1st quarter. Principal Financial Group Inc. now owns 1,086,655 shares of the company’s stock valued at $15,594,000 after acquiring an additional 399,465 shares during the period.
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Ring Energy Company Profile
Ring Energy, Inc, an exploration and production company, acquires, explores for, develops, and produces oil and natural gas in Texas, the United States. As of December 31, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.
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